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Union Cabinet approves Varishtha Pension Bima Yojana 2017

The Varishtha Pension Bima Yojana 2017 is a part of Union Government’s commitment for financial inclusion and social security.

Jan 24, 2017 16:04 IST
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The Union Cabinet, presided by the Prime Minister Narendra Modi, on 24 January 2017 gave its post-facto approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017).

The Varishtha Pension Bima Yojana 2017 is a part of Union Government’s commitment for financial inclusion and social security.

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Key highlights of the Varishtha Pension Bima Yojana 2017

The Life Insurance Corporation of India (LIC) will implement the VPBY 2017 during the current financial year.

The scheme aims at providing social security during old age and protecting elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.

It will provide an assured pension based on a guaranteed rate of return of 8 per cent per annum for ten years.

The scheme also has an option to opt for pension on a monthly/quarterly/halfyearly and annual basis.

The difference between the return generated by LIC and the assured return of 8 per cent per annum will be borne by Government of India as subsidy on an annual basis.

The scheme is proposed to be open for subscription for a period of one year from the date of launch.

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